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West Brom Building Society reports £4.2m pre-tax profit


West Brom

The West Brom Building Society has reported a profit before tax of £4.2m for the six months to 30th September 2017.

This represented a significant increase on the same period last year, when the lender posted a pre-tax loss of £23.7m.

Key highlights included:
  • an uplift in the net interest margin to 0.98% (30th September 2016: 0.93%)
  • growth of 11% in prime residential mortgage balances to £2.6bn (31st March 2017: £2.3bn)
  • £478m advanced for new mortgage lending (30th September 2016: £441m)
  • increased support for first-time buyers, representing 28% of all new lending during the period (30th September 2016: 20%)
  • external recognition for its approach to people management from Investors in People, receiving the gold accreditation standard.


Jonathan Westhoff, chief executive of the West Brom, said: “I am pleased to report a period of solid progress for the society during which we have continued to support the financial wellbeing of our membership.

“Profits achieved represented an 11% improvement in underlying performance and will be used to deliver further member benefits for savers and borrowers alike.

“We have successfully increased new lending for home ownership and channelled more than a quarter of these funds to help buyers taking their first step on to the property ladder.

“There is still demand for mortgages, with borrowers understandably favouring longer-term fixed rate products given that the Bank base rate has finally moved and future rises are to be expected.

“While higher interest rates are a new experience for many homeowners and, therefore, potentially unsettling, we believe borrowers are generally well placed to cope financially.

“This is supported by a reduction in the number of our residential mortgage holders experiencing significant arrears.”

Jonathan continued: “Savers are no doubt welcoming some improvement in the market and the opportunity to earn better returns on their investments.

“At the West Brom, we offer a wide range of savings products and our choice of competitively priced fixed rate bonds and fixed rate Isas have proved particularly popular over recent months.”




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